It’s easy to only focus on the upfront costs of buying a home – especially when first considering whether or not to buy. Coming up with a down payment and money to cover closing costs is the top priority. Then buyers have to think about how their prospective mortgage payment fits into their monthly budget. What they don’t often consider, though, are the other costs of homeownership. Maintenance and improvements, utilities, property tax, and insurance all add up and, if you haven’t planned for them, may take you by surprise. You wouldn’t be alone, though. In fact, one recent survey found 88 percent of homeowners say the cost of owning a home is more expensive than they expected. In other words, it’s easy to underestimate the true costs of homeownership, many buyers do. That makes it important for home shoppers to be as thorough as possible when considering the costs of owning a home. (source)
